Market futures are slightly up after the market ended down big yesterday as consumer spending and inflation fears control the market. Earnings from Walmart (WMT), Home Depot (HD), and others have shown us so far that money is tight right now and that the spending patterns we saw during the pandemic have changed.
Intel (INTC) is cutting its dividend by 65%. The dividend was one of the only things the company has going for it. I rather own Microsoft (MSFT), AMD, NVIDIA (NVDA), or Palo Alto Networks (PANW).
Home Depot (HD) get 8 downgrades after earnings confirm weaker consumer spending.
Stocks to Watch
Coinbase (COIN) receives multiple raises after beating expectations. In the crypto brokerage industry, Coinbase has looked like the guy to beat. So far nobody is close. They have also managed to steer relatively clear of any scandals or going bankrupt.
Devon Energy (DVN) has its price target lowered by Piper Sandler and Raymond James. Oil is tricky right now, but summer usually brings demand for oil, and international tensions suggest that oil will continue to be produced at a high rate, but the supply is restricted. This will keep the price high for the near future if you ask me.
Palo Alto Network (PANW) popped over 9% and received over 10 raises and upgrades after reporting the third consecutive profitable quarter after a decade of losses. Happy to own this one, but now it needs to pull back before I would buy any more.
Happy Investing,
The Punkrock Capitalist
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